CHEVRON / EXXON MOBIL : All set for a huge second quarter?

Research evidence excerpt

CHEVRON / EXXON MOBIL : All set for a huge second quarter?

EQUITIES

OIL & GAS

CHEVRON OUTPERFORMPRICE* USD186.0  TARGET PRICE USD230 (UPSIDE 24%) TARGETunchangedPRICE EPS 6%26e nonEPSmaterial27e

EXXON MOBIL NEUTRALPRICE* USD150.6  TARGET PRICE USD165 (UPSIDE 10%) TARGETunchangedPRICE EPS 5%26e EPS 1%27e

All set for a huge second quarter?

With USD7bn of timing differences set to reverse, will Q2’26 reverse US underperformance?13 MAY 2026

Securities Research Report Following Chevron and Exxon’s Q1’26 8K SEC releases we update our models, pushing through

Production time: 05:44* (London time) mid-single digit upgrades for 2026. Heavily impacting reported results within the quarter was the drag

Research Analysts & Publishing Entities experienced from timing differences associated with the delivery and hedging of product flows, most

Lucas Herrmann significantly in the downstream. Yet, with these expected to largely reverse into the coming quarter

BNP Paribas London Branch and prices and margins remaining elevated, are both companies set for a super-charged Q2’26? Our(+44) 203 430 8442

lucas.herrmann@uk.bnpparibas.com analysis of the quarterly profit trends evidenced during the volatility of 2022, would seem to suggest

so. We re-iterate our preference for Chevron (O/P USD230), and via the use of charts ask whetherPaul Redman

BNP Paribas London Branch the absolute fall in the US supermajor’s share prices since the hostilities commenced on the 28th

(+44) 203 430 8617 February now presents an interesting upside opportunity.

paul.j.redman@uk.bnpparibas.com

Since 28th February the US super-majors have lagged the Europeans.

After a quarter when the sequential profit performance of the EU majors significantly outpaced that